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Experts have raised the forecast of world production of soybean oil in 2021/22

by | Dec 1, 2021 | News, Oil Seeds, Soy Beans

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By the end of the 2021/22 marketing year, the world may produce about 61.9 million tons of soybean oil. This forecast was published by analysts of OilWorld (Germany) in a November report, raising their previous estimate of 61.54 million tons.

If the experts’ expectations are justified, the final indicators of product production will increase by 4% compared to last season (59.3 million tons).

It is forecast that the production of soybean oil in the United States will increase by 0.55 million tons – to 11.9 million tons, China also by 0.5 million tons to 17.13 million tons, Brazil by 0.53 million tons and in Argentina by 0.34 million tons up to 8.27 million tons, the report says.

Regarding global exports of soybean oil in the 2021/22 season, representatives of OilWorld (Germany) expect shipments here to increase from 13.19 million tons in the previous season to 13.59 million tons in the current one.

A significant increase in shipments is expected from China 2.7 times, up to 116 thousand tons against 42 thousand tons in 2020/21, as well as from Russia by 21%, up to 700 (578) thousand tons, Paraguay by 20% to 620 (517) thousand tons, Brazil – by 10.3% to 1.4 (1.27) million tons, from Argentina – by 4% to 6.5 (6.23) million tons,  experts say.

At the end of the current season, the volume of world stocks of soybean oil is expected to be 6.7 million tons against 6.4 million tons in the previous year.

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